Group 1 - The core point of the article is the resignation of Mr. Xie Weiqing from the position of non-executive director and audit committee member of Dongfang Securities due to work adjustments [1] - The board of directors has agreed to nominate Mr. Liu Wei as a non-executive director and elect him as a member of the audit committee [1] - Mr. Liu Wei will assume his duties upon approval by the shareholders' meeting, with a term lasting until the end of the sixth board of directors' term [1]

Core Points - Dongfang Securities announced the resignation of Mr. Xie Weiqing from the position of non-executive director and member of the audit committee due to work adjustments [1] - The board has agreed to nominate Mr. Liu Wei as a non-executive director and elect him as a member of the audit committee, effective from the date of approval by the shareholders' meeting until the end of the sixth board term [1]

Core Viewpoint - Dongfang Securities reported a significant increase in net profit and revenue for the first half of 2025, indicating strong operational performance and growth in various business segments [1] Financial Performance - The company achieved a net profit attributable to shareholders of RMB 3.463 billion, a year-on-year increase of 64.02% [1] - Total revenue and other income reached RMB 12.325 billion, reflecting a year-on-year growth of 26.72% [1] Business Segments - Wealth and asset management business generated RMB 5.052 billion, accounting for 37.28% of total revenue [1] - Investment banking and alternative investment business contributed RMB 999 million, representing 7.32% of total revenue [1] - Institutional and sales trading business brought in RMB 5.055 billion, making up 37.31% of total revenue [1] - International and other businesses generated RMB 2.451 billion, which is 18.08% of total revenue [1] Profit Distribution - The profit distribution plan includes a cash dividend of RMB 1.20 per 10 shares (tax included) for A-share and H-share shareholders [1] Asset and Equity Growth - As of the end of the reporting period, total assets amounted to RMB 437.358 billion, an increase of 4.70% from the previous year [1] - Shareholders' equity reached RMB 84.832 billion, up 4.22% year-on-year [1] - The company's net capital stood at RMB 57.481 billion, reflecting a 6.75% increase from the previous year [1] Client and Market Expansion - The company operated 172 securities branches covering 86 cities [1] - The total number of client fund accounts reached 3.139 million, a growth of 7.52% since the beginning of the year [1] - Total assets under custody amounted to RMB 959.3 billion, increasing by 9.21% since the beginning of the year [1] Strategic Initiatives - The company focuses on the "AUM+MAU" North Star metric to guide branch operations and has initiated various marketing campaigns to enhance client engagement [1] - Emphasis on deepening strategic layout in trading services, leveraging technology and resource integration to build core competitiveness [1] - A total of 228,000 new clients were added during the reporting period, with new account assets of RMB 24.5 billion, representing year-on-year increases of 90% and 45%, respectively [1] - The market share for equity trading at branch institutions increased to 1.35%, up by 0.44 percentage points year-on-year [1]

Group 1 - The core viewpoint of the article highlights that Dongfang Securities (600958) reported a significant increase in its mid-term performance for the six months ending June 30, 2025, with total revenue, other income, and gains reaching 12.325 billion RMB, representing a year-on-year increase of 26.72% [1] - The net profit attributable to shareholders was 3.463 billion RMB, which marks a substantial year-on-year increase of 64.02% [1] - The basic earnings per share stood at 0.4 RMB [1]

EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 東方證券股份有限公司 | | 股份代號 | 03958 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月29日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 10 股 1.2 RMB | | 股東批准日期 | 2025年5月23日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 10 股 1.315556 HKD | | 匯率 ...

（ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 董事名單與其角色和職能 東方證券股份有限公司（「公司」）董事會（「董事會」）成員載列如下： 執行董事 龔德雄先生 （董事長） 魯偉銘先生 （副董事長） 盧大印先生 非執行董事 楊波先生 石磊先生 李芸女士 徐永淼先生 任志祥先生 孫維東先生 （職工董事） 董事會下設四個委員會。下表提供各董事會成員所屬委員會中所擔任職務之信息： | | 董事委員會 | 戰略發展 | 合規與風險 | | 薪酬與提名 | | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 管理委員會 | 審計委員會 | 委員會 | | 龔德雄先生 | | C | | | M | | 魯偉銘先生 | | M | C | | | | 盧大印先生 | | M | | | | | 楊波先生 | | M | | | | | 石磊 ...

智通财经APP讯，东方证券(03958)发布截至2025年6月30日止六个月中期业绩，收入、其他收入及收益 123.25亿元(人民币，下同)，同比增加26.72%;股东应占溢利34.63亿元，同比增加64.02%;基本每股收益 0.4元。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公 告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） (1)建議修訂《公司章程》及其附件及不再設立監事會 (2)建議委任非執行董事及委任審計委員會委員 (3)關於調整董事會專門委員會部分委員 (4)關於公司會計政策變更 及 (5)2025年中期股息派付安排 東方證券股份有限公司（「公司」）董事（「董事」)會（「董事會」）謹此宣佈： I. 建議修訂《公司章程》及其附件及不再設立監事會 一、 建議修訂《公司章程》及其附件 為進一步完善公司法人治理，公司擬對《東方證券股份有限公司章程》（「《公司 章程》」）及其附件進行修訂完善。本次修訂內容包括： 1. 根 據 新《 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section outlines key disclosures including profit distribution, forward-looking statements, management's responsibility, and major risks [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E9%A0%90%E6%A1%88) The company's board has approved the 2025 interim profit distribution plan, proposing a cash dividend of RMB 1.20 (tax inclusive) per 10 shares to A-share and H-share holders, totaling approximately RMB 1.012 billion, representing 29.23% of the net profit attributable to parent company shareholders for the first half 2025 Interim Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares | RMB 1.20 (tax inclusive) | | Total proposed cash dividend | RMB 1,012,211,857.32 | | % of H1 net profit attributable to parent company shareholders | 29.23% | - A-shares in the company's share repurchase special account will not participate in dividend distribution[5](index=5&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%B3%E8%BF%B0%E7%9A%84%E9%A2%A8%E9%9A%AA%E8%81%B2%E6%98%8E) The report may contain forward-looking statements, and investors should be aware of associated investment risks, not over-relying on them, as the company is not obligated to update or revise such statements publicly - Forward-looking statements (e.g., future plans and development strategies) in the report carry investment risks, and the company is not obligated to update them[5](index=5&type=chunk) [Board of Directors, Supervisory Committee, and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E6%9C%83%E3%80%81%E7%9B%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E4%BF%9D%E8%AD%89%E5%8D%8A%E5%B9%B4%E5%BA%A6%E5%A0%B1%E5%91%8A%E5%85%A7%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AF%A6%E6%80%A7%E3%80%81%E6%BA%96%E7%A2%BA%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9B%E5%81%87%E8%A8%98%E8%BC%89%E3%80%81%E8%AA%A4%E5%B0%8E%E6%80%A7%E9%99%B3%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%BA%E6%BC%8F%EF%BC%8C%E4%B8%A6%E6%89%BF%E6%93%94%E5%80%8B%E5%88%A5%E5%92%8C%E9%80%A3%E5%B8%B6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B2%AC%E4%BB%BB%E3%80%82) The company's board, supervisory committee, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the interim report content, assuming individual and joint legal responsibility - The company's Board, Supervisory Committee, and management declare the interim report content is true, accurate, and complete, assuming legal responsibility[6](index=6&type=chunk) - The 2025 interim financial report has been reviewed by KPMG, with data presented in RMB[6](index=6&type=chunk) [Major Risk Disclosures](index=3&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A2%A8%E9%9A%AA%E6%8F%90%E7%A4%BA) The company's operations are influenced by macroeconomic factors, policies, and market fluctuations, facing inherent risks such as policy, market, credit, operational, liquidity, IT, reputation, and money laundering risks - The company's business is directly affected by macroeconomic conditions, financial policies, and capital market fluctuations[8](index=8&type=chunk) - Key risks include: policy risk, market risk, credit risk, operational risk, liquidity risk, information technology risk, reputation risk, and money laundering risk[9](index=9&type=chunk) - The company has established a comprehensive risk management system to cover and manage these risks[9](index=9&type=chunk) [Section 1 Definitions](index=6&type=section&id=%E7%AC%AC%E4%B8%80%E7%AF%80%E2%80%83%E9%87%8B%E7%BE%A9) This section provides definitions of common terms used throughout the report to ensure clarity and accurate understanding [Definitions of Common Terms](index=6&type=section&id=%E5%B8%B8%E7%94%A8%E8%A9%9E%E8%AA%9E%E9%87%8B%E7%BE%A9) This section defines common terms used in the report, including share types (A-shares, H-shares), company entities (Orient Securities, Group subsidiaries), regulatory bodies, laws, and business types, ensuring accurate report understanding - Defines core terms such as A-shares, H-shares, Board of Directors, Company/Our Company/Parent Company/Orient Securities, Group/Our Group/We[17](index=17&type=chunk)[18](index=18&type=chunk) - Clarifies the reporting period as January 1, 2025, to June 30, 2025[19](index=19&type=chunk) - Specifically notes that data in the report may have rounding differences[19](index=19&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=9&type=section&id=%E7%AC%AC%E4%BA%8C%E7%AF%80%E2%80%83%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) This section provides an overview of the company's fundamental information, including registration details, contact information, stock overview, and key financial performance metrics [Company Information](index=9&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section presents the company's basic registration details, legal representative, registered capital, and net capital, along with a detailed list of 84 business licenses covering securities, futures, asset management, and investment banking - Company Chinese name: 东方证券股份有限公司, English abbreviation: DFZQ[20](index=20&type=chunk) - Legal Representative: Gong Dexiong, General Manager: Lu Dayin[20](index=20&type=chunk) Company Registered Capital and Net Capital | Indicator | End of Current Reporting Period (RMB) | End of Previous Year (RMB) | | :--- | :--- | :--- | | Registered Capital | 8,496,645,292.00 | 8,496,645,292.00 | | Net Capital | 57,480,610,892.61 | 53,848,274,965.67 | - The company has a broad business scope, including securities business, securities investment consulting, futures introducing broker business, and holds **84 business licenses**[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [Contact Persons and Information](index=16&type=section&id=%E4%BA%8C%E3%80%81%E8%81%AF%E7%B9%AB%E4%BA%BA%E5%92%8C%E8%81%AF%E7%B9%AB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication - Board Secretary is Wang Rufeng, Securities Affairs Representative is Li Tingting, both located at 11th Floor, 119 South Zhongshan Road, Huangpu District, Shanghai, China[31](index=31&type=chunk) [Brief Introduction to Basic Information](index=16&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E6%B3%81%E7%B0%A1%E4%BB%8B) This section outlines the company's registered and office addresses (including Hong Kong business address), website, email, and investor relations and brokerage customer service hotlines, providing essential contact and operational details - The company's registered and office address is Orient Securities Building, 119 South Zhongshan Road, Huangpu District, Shanghai, China, with a Hong Kong business address at 100 Queen's Road Central[32](index=32&type=chunk) - The company website is www.dfzq.com.cn, and the investor relations hotline is +86-021-63326373[32](index=32&type=chunk) [Information Disclosure and Document Availability](index=17&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%82%99%E7%BD%AE%E5%9C%B0%E9%BB%9E) This section lists the company's selected information disclosure newspapers and their website addresses, as well as the location where the interim report is available, ensuring transparency and accessibility of information - Company information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[33](index=33&type=chunk) - The interim report is published on the SSE (www.sse.com.cn) and HKEX (www.hkexnews.hk) websites[33](index=33&type=chunk) [Company Stock Overview](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%B0%A1%E6%B3%81) This section provides the listing exchanges, stock abbreviations, and stock codes for the company's A-shares and H-shares, facilitating investor inquiry into trading information Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | SSE | Orient Securities | 600958 | | H-share | HKEX | Orient Securities | 03958 | [Other Relevant Information](index=17&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E9%97%9C%E8%B3%87%E6%96%99) This section discloses information on the domestic and international accounting firms, signing accountants, Chief Risk Officer and Compliance Director, domestic and international legal advisors, and A-share and H-share share registrars - The company engages KPMG Huazhen LLP (domestic) and KPMG (international) for auditing[35](index=35&type=chunk) - The Chief Risk Officer and Compliance Director is Jiang Helei[35](index=35&type=chunk) [Key Accounting Data and Financial Indicators](index=18&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) In H1 2025, the company's operating performance grew significantly, with revenue and other income increasing by 26.72% to RMB 12.325 billion, and net profit attributable to shareholders rising by 64.02% to RMB 3.463 billion Key Accounting Data (Consolidated) | Item | Jan-Jun 2025 (RMB '000) | Jan-Jun 2024 (RMB '000) | Current Period vs. Prior Period (%) | | :--- | :--- | :--- | :--- | | Revenue, other income and gains | 12,324,631 | 9,725,722 | 26.72 | | Profit before income tax | 4,293,630 | 2,271,075 | 89.06 | | Profit for the period－attributable to parent company shareholders | 3,463,071 | 2,111,371 | 64.02 | | Net cash (used in)/generated from operating activities | (12,843,799) | 514,675 | -2,595.52 | | Basic earnings per share (RMB/share) | 0.40 | 0.24 | 66.67 | | Weighted average return on net assets (%) | 4.27 | 2.66 | Increase of 1.61 percentage points | Scale Indicators (Consolidated) | Item | Jun 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | End of Current Period vs. End of Prior Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 437,358,182 | 417,736,375 | 4.70 | | Total Liabilities | 352,523,191 | 336,336,559 | 4.81 | | Equity attributable to parent company shareholders | 84,832,083 | 81,396,740 | 4.22 | | Net assets per share attributable to parent company shareholders (RMB/share) | 10.06 | 9.62 | 4.57 | | Asset-liability ratio (%) | 73.25 | 73.20 | Increase of 0.05 percentage points | Parent Company Net Capital and Risk Control Indicators | Item | End of Current Reporting Period (RMB '000) | End of Previous Year (RMB '000) | | :--- | :--- | :--- | | Net Capital | 57,480,611 | 53,848,275 | | Risk Coverage Ratio (%) | 436.72 | 373.48 | | Capital Leverage Ratio (%) | 18.59 | 18.13 | | Liquidity Coverage Ratio (%) | 192.24 | 202.82 | | Net Stable Funding Ratio (%) | 139.38 | 148.83 | [Differences in Accounting Data under Domestic and International Accounting Standards](index=20&type=section&id=%E5%A2%83%E5%85%A7%E5%A4%96%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E4%B8%8B%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%B7%AE%E7%95%B0) The company's consolidated financial statements prepared under China Accounting Standards and International Financial Reporting Standards show no differences in net profit for January-June 2025 and net assets as of June 30, 2025, and December 31, 2024 - There are no differences in the company's net profit and net asset data under domestic and international accounting standards[42](index=42&type=chunk) [Section 3 Board of Directors' Report](index=21&type=section&id=%E7%AC%AC%E4%B8%89%E7%AF%80%E2%80%83%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This section provides a comprehensive overview of the company's industry, business operations, core competencies, and key financial performance during the reporting period [Industry and Principal Business Overview](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%AC%E8%A1%8C%E6%A5%AD%E5%8F%8A%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81%E8%AA%AA%E6%98%8E) In H1 2025, China's economy improved with capital market reforms, and the securities industry transformed towards high-quality development, with the company leveraging its "group-based, digital, international" strategy to build three major business systems - In H1 2025, China's economy improved, capital market reforms deepened, and the A-share market generally trended upwards, with the Beijing Stock Exchange 50 Index leading[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The securities industry accelerated its transformation towards high-quality development, with leading brokers expanding through M&A, and smaller brokers seeking specialized development[45](index=45&type=chunk) - The company is positioned as a comprehensive securities firm, offering full-range services including securities, futures, asset management, and investment banking[45](index=45&type=chunk) - Strategic drivers: Centered on “group-based, digital, and international”[45](index=45&type=chunk) - Business systems: Building large wealth, large investment banking, and large institutional business systems[47](index=47&type=chunk) - Business segments: Creating four major segments: wealth and asset management, investment banking and alternative investments, institutional and sales & trading, and international and other businesses[48](index=48&type=chunk) - Profit model: Through fee and commission income, interest income, investment gains, etc[48](index=48&type=chunk) [Discussion and Analysis of Operations](index=23&type=section&id=%E4%BA%8C%E3%80%81%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81%E7%9A%84%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) In H1 2025, the company actively implemented its new three-year strategic plan, focusing on wealth management, investment banking, and institutional services, achieving coordinated development in scale, efficiency, and quality across all business segments - The company, aiming to be a first-class modern investment bank, actively advanced its new three-year strategic plan, focusing on wealth management, investment banking, and institutional services, achieving coordinated development in scale, efficiency, and quality[49](index=49&type=chunk) [Wealth and Asset Management](index=24&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E8%B2%A1%E5%AF%8C%E5%8F%8A%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86) Wealth and asset management segment continued to deepen its "buyer-side advisory" model, with steady growth in client base and assets under custody, and strong performance across fund advisory, brokerage asset management, private equity, and futures businesses - The company optimized its organizational structure for wealth management, establishing four branches to build a client-centric comprehensive service platform and advance towards a “buyer-side advisory” model[50](index=50&type=chunk) [Wealth Management](index=24&type=section&id=1%20%E8%B2%A1%E5%AF%8C%E7%AE%A1%E7%90%86) Wealth management business developed steadily amidst A-share market stabilization, with client accounts growing 7.52% to 3.139 million and assets under custody increasing 9.21% to RMB 959.3 billion - As of the end of the reporting period, the company's total client accounts reached **3.139 million**, a **7.52% increase** from the beginning of the year[52](index=52&type=chunk) - Total assets under custody were **RMB 959.3 billion**, a **9.21% increase** from the beginning of the year[52](index=52&type=chunk) - New clients increased by **228,000**, and new account assets introduced were **RMB 24.5 billion**, up **90%** and **45%** year-on-year, respectively[52](index=52&type=chunk) - Branch equity and fund trading market share was **1.35%**, an increase of **0.44 percentage points** year-on-year[52](index=52&type=chunk) - Non-money market product sales amounted to **RMB 11.728 billion**, a **24.54% increase** year-on-year[53](index=53&type=chunk) - Non-money market product holdings were **RMB 56.583 billion**, a **1.36% increase** from the beginning of the year[53](index=53&type=chunk) Group Financial Product Sales (RMB 100 million) | Product Type | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | | Public Funds (incl. money market) | 873.50 | 541.62 | | Trust Plans | 19.87 | 20.76 | | Private Equity Funds | 4.76 | 1.08 | | Other Financial Products | 8.60 | 21.29 | | Total | 906.74 | 584.75 | - Retail high-net-worth clients numbered **8,985**, a **12.13% increase** from the beginning of the year, with total assets of **RMB 207.025 billion**, an **11.28% increase** from the beginning of the year[54](index=54&type=chunk) - The new-generation low-latency centralized trading system was successfully launched, significantly improving business processing efficiency and client service experience[56](index=56&type=chunk) - The Orient Winner APP introduced the Winner T0 strategy trading tool, Winner 50 fund strategy pool, and advisory zone services, enhancing client investment efficiency and satisfaction[56](index=56&type=chunk) [Fund Advisory Business](index=28&type=section&id=2%20%E5%9F%BA%E9%87%91%E6%8A%95%E9%A1%A7%E6%A5%AD%E5%8B%99) Fund advisory business developed steadily amid recovering demand for household wealth management, launching 28 portfolio strategies, with assets under management reaching RMB 14.925 billion and 110,400 existing clients - Fund advisory business launched **28 portfolio strategies**, covering three product lines: “Yue” series, “Ding” series, and customized series[58](index=58&type=chunk) - As of the end of the reporting period, fund advisory assets under management reached **RMB 14.925 billion**[58](index=58&type=chunk) - Existing client count was **110,400**, with a client retention rate of **52.83%** and a re-investment rate of **75.95%**[58](index=58&type=chunk) [Credit Trading Business](index=29&type=section&id=3%20%E4%BF%A1%E7%94%A8%E4%BA%A4%E6%98%93%E6%A5%AD%E5%8B%99) Credit trading business operated steadily amidst market fluctuations, with margin financing and securities lending balance at RMB 26.916 billion, a market share of 1.45% - As of the end of the reporting period, the total market balance of margin financing and securities lending was **RMB 1,850.452 billion**, a **0.76% decrease** from the end of the previous year[60](index=60&type=chunk) - The company's margin financing and securities lending balance was **RMB 26.916 billion**, with a market share of **1.45%** and an average maintenance guarantee ratio of **278.44%**[60](index=60&type=chunk) - The company's stock pledge business outstanding repurchase balance was **RMB 2.778 billion**, a **4.11% decrease** from the end of the previous year, all funded by proprietary capital[61](index=61&type=chunk) - Future plans include cultivating new profit growth points through structural optimization, refined management, and improved risk control measures[61](index=61&type=chunk) [Asset Management](index=30&type=section&id=4%20%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86) Asset management business is conducted through Orient Asset Management, Huitianfu Fund, and Orient Capital, with AUM stabilizing and growing across public funds, private equity, and brokerage asset management - The company primarily conducts brokerage asset management through its wholly-owned subsidiary Orient Asset Management, fund management through its associate Huitianfu Fund, and private equity investment through its wholly-owned subsidiary Orient Capital[62](index=62&type=chunk) [(1) Brokerage Asset Management Business](index=30&type=section&id=%281%29%20%E5%88%B8%E5%95%86%E8%B3%87%E7%AE%A1%E6%A5%AD%E5%8B%99) Orient Asset Management accelerated its transformation in H1 2025, continuously improving its investment research, product, and sales systems, driving a stabilization and rebound in total AUM to RMB 233.781 billion - Orient Asset Management had several successful product launches, with Orient Red Core Value raising **RMB 1.991 billion** and Orient Red Yingfeng FOF raising over **RMB 6.5 billion**[65](index=65&type=chunk) - Its equity funds achieved an absolute return of **80.32% over 10 years**, ranking **2nd** in the industry; fixed-income funds achieved an absolute return of **35.98% over 7 years**, ranking among the **top 20**[65](index=65&type=chunk) Orient Asset Management AUM (RMB 100 million) | Product Type | As of Jun 30, 2025 | As of Dec 31, 2024 | | :--- | :--- | :--- | | Collective Asset Management Plans | 208.80 | 203.07 | | Single Asset Management Plans | 280.66 | 246.53 | | Special Asset Management Plans | 56.99 | 54.40 | | Brokerage Public Funds | 1,791.36 | 1,661.69 | | Total | 2,337.81 | 2,165.68 | [(2) Fund Management Business](index=33&type=section&id=%282%29%20%E5%9F%BA%E9%87%91%E7%AE%A1%E7%90%86%E6%A5%AD%E5%8B%99) Huitianfu Fund, adhering to the "long-term perspective" philosophy, managed approximately RMB 1.26 trillion in total assets, with non-money market public funds exceeding RMB 550 billion, actively expanding into AI and international markets - As of the end of the reporting period, Huitianfu Fund's total assets under management were approximately **RMB 1.26 trillion**, an increase of over **8.7%** from the beginning of the year[68](index=68&type=chunk) - Public fund assets, excluding money market funds, exceeded **RMB 550 billion**, an increase of approximately **11%** from the beginning of the year[68](index=68&type=chunk) - During the reporting period, **22 public funds** were established, with a total issuance size of approximately **RMB 11.2 billion**[68](index=68&type=chunk) - Successfully issued the **first domestic REIT for pharmaceutical warehousing and logistics** and the **first "commercial-to-rental housing" REITs project** in China[69](index=69&type=chunk) - Huitianfu CSI 300 ETF launched in the Brazilian market, becoming the **first ETF Connect product** between the SSE and B3[69](index=69&type=chunk) - The company was the **first to complete private deployment of the DeepSeek series open-source models** and successfully launched the "DeepSeek in Cash宝" service[69](index=69&type=chunk) [(3) Private Equity Investment Funds](index=35&type=section&id=%283%29%20%E7%A7%81%E5%8B%9F%E8%82%A1%E6%AC%8A%E6%8A%95%E8%B3%87%E5%9F%BA%E9%87%91) Orient Capital focused on tech innovation and M&A, expanding its fund-of-funds business in fundraising and targeting quality sectors like semiconductors, robotics & AI, and new energy in investments - Orient Capital focused on **tech innovation and M&A**[70](index=70&type=chunk) - As of the end of the reporting period, it managed **58 funds** with a total AUM of **RMB 18.91 billion**, adding **4 new funds** and **RMB 1.18 billion** in new scale[70](index=70&type=chunk) - It invested in **128 projects** with a total investment of **RMB 7.029 billion**, including **5 existing listed companies**[70](index=70&type=chunk) - During the reporting period, **2 target companies' IPO applications were approved**, and **3 target companies had filed IPO applications and were accepted**[70](index=70&type=chunk) [Futures Business](index=36&type=section&id=5%20%E6%9C%9F%E8%B2%A8%E6%A5%AD%E5%8B%99) Orient Futures actively responded to external challenges, with national futures market trading volume and value increasing by 17.82% and 20.68% respectively in H1 2025, achieving business growth and management optimization - In H1 2025, the national futures market's cumulative trading volume was **4.076 billion lots**, with a trading value of **RMB 339.73 trillion**, increasing by **17.82%** and **20.68%** year-on-year, respectively[72](index=72&type=chunk) - As of end-June, Orient Futures ranked **third** in brokered trading volume market share and client equity scale, and **fourth** in net profit[72](index=72&type=chunk) - Orient Futures accelerated its overseas expansion, providing personalized hedging and investment solutions for global clients[73](index=73&type=chunk) - It promoted financial technology to empower industry services, relying on four major fintech innovation platforms, including the Fanwei Intelligent Investment Research Platform and Orient Swift Extreme Trading System[73](index=73&type=chunk) [Investment Banking and Alternative Investments](index=37&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%95%E8%A1%8C%E5%8F%8A%E5%8F%A6%E9%A1%9E%E6%8A%95%E8%B3%87) The investment banking and alternative investments segment performed actively in H1 2025, with strong bond underwriting, active M&A advisory, and focused "early-stage, small-cap, hard tech" equity investments - The company primarily conducts investment banking through its Investment Banking Management Committee and Fixed Income Business Headquarters, and alternative investments through its wholly-owned subsidiary Orient Innovation[75](index=75&type=chunk)[83](index=83&type=chunk) [Investment Banking](index=37&type=section&id=1%20%E6%8A%95%E8%B3%87%E9%8A%80%E8%A1%8C) Investment banking showed new vitality amidst policy reforms, completing 10 equity financing projects and increasing bond underwriting volume by 28.00% to RMB 277.948 billion, ranking 9th - Completed **10 equity financing projects**, including **1 IPO** and **9 refinancing projects**, ranking **6th** in issuance volume[76](index=76&type=chunk) - Focused on two strategic sectors: technology and energy, with key layouts in new-generation information technology, biomedicine, high-end manufacturing, and new materials[77](index=77&type=chunk) - In H1, bond underwriting volume totaled **RMB 277.948 billion**, a **28.00% increase** year-on-year, ranking **9th** in the market[78](index=78&type=chunk) - Interest rate bond underwriting volume significantly increased by **48.08%** year-on-year, with book-entry interest-bearing government bonds, CDB, and ADBC bond underwriting all ranking **first** among brokers[79](index=79&type=chunk) - Actively participated in and underwrote tech innovation bonds issued by several companies, assisting in the successful issuance of CDB's first tech innovation bond[79](index=79&type=chunk) - Vigorously developed innovative products such as green bonds, rural revitalization corporate bonds, and small and micro financial bonds[79](index=79&type=chunk) Company's Underwriting Details for Various Bonds (RMB 100 million) | Transaction Item | H1 2025 Underwriting Count | H1 2025 Underwriting Amount | H1 2024 Underwriting Count | H1 2024 Underwriting Amount | | :--- | :--- | :--- | :--- | :--- | | Corporate Bonds | 195 | 603.40 | 172 | 577.69 | | Enterprise Bonds | 0 | 0 | 2 | 3.77 | | Financial Bonds | 50 | 482.76 | 23 | 221.12 | | Asset-Backed Securities | 24 | 50.67 | 45 | 61.28 | | Non-Financial Enterprise Debt Financing Instruments | 97 | 241.97 | 91 | 238.80 | | Local Government Bonds | 91 | 128.30 | 77 | 171.29 | | Total | 457 | 1,507.09 | 410 | 1,273.95 | - Actively responded to policy calls, highly valuing M&A financial advisory business, participating in the Guotai Haitong absorption merger project (the largest A+H dual-market absorption merger in China's capital market history)[81](index=81&type=chunk) - Focused on tech M&A, assisting in the progress or completion of projects such as Sci-Tech Innovation Board company Sanyou Medical's acquisition of Shuimu Tianpeng[81](index=81&type=chunk) [Alternative Investments](index=42&type=section&id=2%20%E5%8F%A6%E9%A1%9E%E6%8A%95%E8%B3%87) Orient Innovation dynamically optimized asset allocation under a prudent approach, enhancing income stability, with equity investment focusing on "early-stage, small-cap, hard tech" and special asset investments progressing steadily - Orient Innovation's equity investment had **105 existing projects** with a total scale of **RMB 4.39 billion**[83](index=83&type=chunk) - Cumulatively participated in **10 STAR Market follow-on investment projects**, investing **RMB 549 million**[83](index=83&type=chunk) - Special asset investment business had **31 existing projects** with a total scale of **RMB 2.271 billion**[83](index=83&type=chunk) [Institutional and Sales & Trading](index=43&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%A9%9F%E6%A7%8B%E5%8F%8A%E9%8A%B7%E5%94%AE%E4%BA%A4%E6%98%93) The institutional and sales & trading segment performed steadily in H1 2025, with strong contributions from equity proprietary trading, significant growth in carbon finance, and leading positions in bond market-making - The company primarily conducts equity and non-equity proprietary trading through its Securities Investment Business Headquarters and Fixed Income Business Headquarters, client-driven business through its Financial Derivatives Headquarters and Fixed Income Business Headquarters, market-making through its Securities Investment Business Headquarters, Financial Derivatives Business Headquarters, and Fixed Income Business Headquarters, securities research services through its Securities Research Institute, and custody business through its Custody Business Headquarters[85](index=85&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk)[94](index=94&type=chunk)[96](index=96&type=chunk) [Proprietary Trading](index=43&type=section&id=1%20%E8%87%AA%E7%87%9F%E6%8A%95%E8%B3%87) Proprietary trading strengthened its "multi-asset, multi-strategy, all-weather" approach amidst market volatility, with equity proprietary trading contributing well and non-equity proprietary trading showing steady growth and significant increases in interest rate swap and carbon finance trading volumes - Equity proprietary trading strengthened its “multi-asset, multi-strategy, all-weather” approach, achieving good performance contributions[85](index=85&type=chunk) - Non-equity proprietary trading saw interest rate swap trading volume increase by **221.32%** year-on-year, and non-equity ETF trading volume increase by **158%** year-on-year[86](index=86&type=chunk) - Carbon finance innovation business trading volume increased by nearly **5 times** year-on-year[86](index=86&type=chunk) - The company's self-developed Super Investment Management Platform (SIMP) has achieved full asset strategy pricing and automated trading, significantly improving investment and trading efficiency[86](index=86&type=chunk) [Client-Driven Business](index=44&type=section&id=2%20%E5%AE%A2%E9%9C%80%E6%A5%AD%E5%8B%99) Client-driven business continued to develop amidst industry standardization and increased competition, with OTC options and total return swaps showing significant trading volumes, and FICC client-driven revenue increasing - OTC option business trading volume was **RMB 5.963 billion**[88](index=88&type=chunk) - Total return swap business trading volume was **RMB 21.174 billion**, a **22.33% increase** year-on-year[89](index=89&type=chunk) - FICC client-driven revenue and its proportion further increased, achieving breakthroughs in customized financial institution services[89](index=89&type=chunk) [Market Making Business](index=45&type=section&id=3%20%E5%81%9A%E5%B8%82%E6%A5%AD%E5%8B%99) Market-making business deepened in equities, providing services for STAR Market, NEEQ, and BSE small and medium-sized enterprises, earning an A-rating as a STAR Market stock market maker from the SSE, and maintaining a leading position in bond market-making - The company provided market-making services for **10 STAR Market individual stocks**, receiving an **A-rating** as a STAR Market stock market maker from the SSE[91](index=91&type=chunk) - Equity option trading volume ranked among the **top in the industry**, with all product ratings generally maintaining **AA-level**[91](index=91&type=chunk) - Fund market-making product count reached **over 310**, an increase of over **29%** from the end of the previous year[92](index=92&type=chunk) - Market-making for financial bonds of the three policy banks continued to rank among the **top two** in the industry; SSE bond market-making for interest rate bonds and credit bonds ranked **first** and **fourth**, respectively[92](index=92&type=chunk) - During the reporting period, market-making was conducted for **17 bond ETFs** and **1 gold ETF**, with trading volume increasing by **158%** year-on-year[93](index=93&type=chunk) - Provided market-making quotes for **174 tech innovation bonds**, nearly double the number from the same period last year, and created the "Orient Securities Yangtze River Delta Tech Innovation Bond Basket" and "Orient Securities CDB Tech Innovation Bond Basket"[93](index=93&type=chunk) [Research Services](index=47&type=section&id=4%20%E7%A0%94%E7%A9%B6%E6%9C%8D%E5%8B%99) The Securities Research Institute comprehensively enhanced its research capabilities and quality, building a research system with macro as the guide, strategy as the core, and industry/company as the foundation, achieving RMB 128 million in public fund commission revenue - During the reporting period, the company published a total of **832 research reports** and provided **9,548 online and offline research roadshows** for institutional clients[95](index=95&type=chunk) - Achieved public fund commission (including special accounts, social security, and annuity seats) revenue of **RMB 128 million**, with public fund trading volume accounting for **2.26%**[95](index=95&type=chunk) [Custody Business](index=48&type=section&id=5%20%E8%A8%97%E7%AE%A1%E6%A5%AD%E5%8B%99) Custody business continuously improved its process system, deepened internal group synergy, built a classified and tiered service system, and enhanced standardized and personalized service capabilities, with outsourced securities product custody scale increasing by 8% - As of the end of the reporting period, the company's outsourced securities product custody scale increased by **8%** from the beginning of the year, with business developing steadily[97](index=97&type=chunk) [International and Other Businesses](index=49&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%9C%8B%E9%9A%9B%E5%8F%8A%E5%85%B6%E4%BB%96%E6%A5%AD%E5%8B%99) International business, conducted through Orient Financial Holdings, Orient International and its subsidiaries, and Orient Futures Singapore subsidiary, showed "steady progress and dual improvement in quality and efficiency" amidst Hong Kong's economic recovery - Hong Kong subsidiaries' overall operations showed a positive trend of “steady progress and dual improvement in quality and efficiency,” with intermediary business becoming the main growth engine[98](index=98&type=chunk) - Custody client assets increased by **25%** from the beginning of the year, and Hong Kong stock trading volume **doubled** year-on-year[98](index=98&type=chunk) - Asset management business scale increased by **14%**, and was approved by the Hong Kong SFC to advise professional investors on virtual assets[99](index=99&type=chunk) - Investment banking's integrated domestic and international model achieved significant results, with bond investment banking completing **45 underwriting projects** and total underwriting volume increasing by **2 times** year-on-year; equity investment banking completed the IPO sponsorship of “Auntie's Tea” in Hong Kong, with Hong Kong IPO underwriting volume increasing by **4.5 times** year-on-year[99](index=99&type=chunk) - Orient Futures Singapore subsidiary actively promoted international expansion, developing brokerage business in Southeast Asia, South America, and parts of Europe[99](index=99&type=chunk) [Analysis of Core Competencies](index=51&type=section&id=%E4%B8%89%E3%80%81%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%AC%E8%A1%8C%E6%A5%AD%E5%8F%8A%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81%E8%AA%AA%E6%98%8E) The company's core competencies lie in its excellent Party building culture, unique shareholder resources (Shenergy Group background), long-term brand advantages (asset management, public funds, fixed income, futures), professional talent team, and effective compliance and risk control system, all supporting its high-quality development - Excellent Party building culture: The **only securities firm Party committee** nationwide to be awarded “National Advanced Grassroots Party Organization” by the Organization Department of the CPC Central Committee[101](index=101&type=chunk) - Unique shareholder resources: Major shareholder Shenergy Group's energy background helps the company build an “energy investment bank, green investment bank”[101](index=101&type=chunk) - Long-term brand advantages: Leading positions in asset management (“Orient Red” brand), public funds (Huitianfu Fund), fixed income (interest rate bond underwriting, bond market making), and futures brokerage (fintech application)[102](index=102&type=chunk) - Professional talent team: Firmly advancing the “talent-driven company” strategy, building a financial talent team with “purity, professionalism, and combat effectiveness”[103](index=103&type=chunk) - Effective compliance and risk control: Adhering to “compliance-first, risk-based,” continuously rated **A-class** in securities firm classification for **16 consecutive years** (AA-class for 4 consecutive years), and included in the “white list”[103](index=103&type=chunk) [Key Operating Performance](index=52&type=section&id=%E5%9B%9B%E3%80%81%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E4%B8%BB%E8%A6%81%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) In H1 2025, the company's total assets were RMB 437.358 billion, equity attributable to shareholders RMB 84.832 billion, and parent company net capital RMB 57.481 billion, all increasing from the end of the previous year - As of the end of the reporting period, the company's total assets were **RMB 437.358 billion**, a **4.70% increase** from the end of the previous year[104](index=104&type=chunk) - Equity attributable to parent company shareholders was **RMB 84.832 billion**, a **4.22% increase** from the end of the previous year[104](index=104&type=chunk) - Parent company net capital was **RMB 57.481 billion**, a **6.75% increase** from the end of the previous year[104](index=104&type=chunk) - During the reporting period, the company achieved net profit attributable to parent company shareholders of **RMB 3.463 billion**, a **64.02% increase** year-on-year[104](index=104&type=chunk) - Achieved revenue and other income of **RMB 12.325 billion**, a **26.72% increase** year-on-year[104](index=104&type=chunk) Segment Revenue and Profit Margin (RMB '000) | Segment | Segment Revenue and Other Income | Segment Expenses | Profit Margin (%) | YoY Change in Segment Revenue and Other Income (%) | YoY Change in Segment Expenses (%) | YoY Change in Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth and Asset Management | 5,052,448 | 4,338,381 | 15.68 | 15.53 | (1.46) | Increase of 10.90 | | Investment Banking and Alternative Investments | 992,555 | 401,781 | 65.30 | 33.42 | (37.54) | Increase of 50.61 | | Institutional and Sales & Trading | 5,055,255 | 2,225,288 | 55.98 | 29.89 | 7.85 | Increase of 9.00 | | International Business and Others | 2,450,635 | 2,623,761 | 1.34 | (28.20) | 23.73 | Decrease of 35.65 | - Changes in revenue and other income were primarily due to year-on-year increases in **investment gains from proprietary trading**, and **fee income from brokerage and investment banking**, as well as a year-on-year decrease in expenses such as **credit impairment losses**[108](index=108&type=chunk) - Commission and fee income was **RMB 5.129 billion**, accounting for **41.62%** of total revenue, an increase of **14.94%**[109](index=109&type=chunk) - Net investment gains were **RMB 4.020 billion**, accounting for **32.62%** of total revenue, an increase of **76.69%**[110](index=110&type=chunk) Revenue, Other Income and Gains Structure (RMB '000) | Item | Jan-Jun 2025 Amount | Jan-Jun 2025 Structure (%) | Jan-Jun 2024 Amount | Jan-Jun 2024 Structure (%) | Change in Amount | Change in Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commission and Fee Income | 5,129,012 | 41.62 | 4,462,488 | 45.88 | 666,524 | 14.94 | | Interest Income | 2,765,256 | 22.43 | 2,776,347 | 28.55 | (11,091) | -0.40 | | Net Investment Gains | 4,020,355 | 32.62 | 2,275,382 | 23.40 | 1,744,973 | 76.69 | | Other Income and Gains | 410,008 | 3.33 | 211,505 | 2.17 | 198,503 | 93.85 | | Total Revenue and Other Income | 12,324,631 | 100.00 | 9,725,722 | 100.00 | 2,598,909 | 26.72 | - Total expenses were **RMB 8.373 billion**, a **9.03% increase** year-on-year, primarily due to increases in **employee costs, interest expenses, and commission and fee expenses**[113](index=113&type=chunk) - Credit impairment losses were **RMB -0.004 billion**, mainly due to a decrease in credit impairment losses related to stock pledge repurchase business[113](index=113&type=chunk) Total Expenses Structure (RMB '000) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change in Amount | Change in Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Employee Costs | 2,477,036 | 1,877,911 | 599,125 | 31.90 | | Interest Expenses | 2,303,021 | 2,082,326 | 220,695 | 10.60 | | Commission and Fee Expenses | 2,242,901 | 1,981,346 | 261,555 | 13.20 | | Depreciation and Amortization | 391,226 | 403,693 | (12,467) | -3.09 | | Other Expenses | 961,873 | 1,023,106 | (61,233) | -5.99 | | Credit Impairment Losses | (3,765) | 312,138 | (315,903) | -101.21 | | Other Impairment Losses | 271 | (1,115) | 1,386 | Not applicable | | Total | 8,372,563 | 7,679,405 | 693,158 | 9.03 | - Net decrease in cash and cash equivalents was **RMB 0.047 billion**[116](index=116&type=chunk) - Net cash used in operating activities was **RMB 12.844 billion**, primarily due to an increase in **financial assets at fair value through profit or loss and derivative financial assets**[117](index=117&type=chunk) - Net cash generated from investing activities was **RMB 13.973 billion**, primarily due to **net cash inflow from investments and disposal of financial investments**[117](index=117&type=chunk) - Net cash used in financing activities was **RMB 1.176 billion**, primarily due to **payment of interest on bonds, short-term payables, and borrowings, as well as dividends**[117](index=117&type=chunk) - As of the end of the reporting period, the Group's total assets were **RMB 437.358 billion**, total liabilities **RMB 352.523 billion**, and total equity **RMB 84.835 billion**[118](index=118&type=chunk) - Total assets increased by **4.70%**, mainly due to increases in **financial assets at fair value through profit or loss** and **equity instruments at fair value through other comprehensive income**[123](index=123&type=chunk) - Total liabilities increased by **4.81%**, and after deducting accounts payable to brokerage clients, the asset-liability ratio was **73.25%**[125](index=125&type=chunk) Borrowings and Bond Financing Details (RMB '000) | Item | Jun 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Issued Debt Securities | 59,190,632 | 60,734,318 | | Borrowings | 1,748,727 | 1,549,417 | | Short-term Debt Instruments | 4,130,895 | 5,678,905 | | Funds Borrowed | 29,327,263 | 39,194,625 | | Total | 94,397,517 | 107,157,265 | - The Group's investment in associates was **RMB 6.060 billion**, a **1.11% decrease** from the end of the previous year, mainly due to declared dividends and net decrease in investments by associates, partially offset by investment income recognized under the equity method[128](index=128&type=chunk) - During the reporting period, the company had no significant equity or non-equity investments, and no future plans for major investments or capital asset purchases[131](index=131&type=chunk) Key Subsidiary Financial Data (RMB 100 million) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Orient Futures | Wholly-owned subsidiary | 48 | 952.34 | 63.88 | 8.15 | 3.22 | 2.63 | | Orient Capital | Wholly-owned subsidiary | 40 | 43.88 | 43.26 | 0.74 | 0.37 | 0.33 | | Orient Asset Management | Wholly-owned subsidiary | 3 | 49.15 | 43.01 | 6.67 | 2.38 | 1.99 | | Orient Innovation | Wholly-owned subsidiary | 75 | 91.07 | 88.31 | 3.23 | 2.80 | 2.23 | | Orient Financial Holdings | Wholly-owned subsidiary | 27.54 | 142.05 | 12.59 | 2.30 | 1.13 | 1.02 | - Important associate Huitianfu Fund Management Co., Ltd., in which the company holds a **35.412% equity stake**[135](index=135&type=chunk) - As of the end of the reporting period, Huitianfu Fund's total assets were **RMB 14.682 billion**, and net assets were **RMB 10.823 billion**; in H1 2025, it achieved a net profit of **RMB 0.480 billion**[135](index=135&type=chunk) - The company included certain structured entities in its consolidated scope, totaling **45** as of the end of the reporting period, with a combined net asset amount of **RMB 20.993 billion**[137](index=137&type=chunk) [Other Disclosure Matters](index=66&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A0%85) Company has established a comprehensive risk management system covering market, credit, liquidity, operational, money laundering, technology, and reputation risks, effectively controlling various risks with no major violations - The company has established a comprehensive risk management system covering organizational, business, and risk dimensions, including market risk, credit risk, liquidity risk, operational risk, money laundering and terrorist financing risk, technology risk, and reputation risk[141](index=141&type=chunk) [Potential Risks Faced](index=66&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%B0%8D%E7%9A%84%E9%A2%A8%E9%9A%AA) The company's comprehensive risk management system covers seven major risks: market, credit, liquidity, operational, money laundering, technology, and reputation, effectively identifying, assessing, controlling, and responding to them - Market risk: Managed through asset-liability allocation, market risk limit system, dynamic stop-loss mechanisms, sensitivity analysis, scenario analysis, and stress testing[144](index=144&type=chunk) - As of the end of the reporting period, the company's overall Market Risk VaR (95%, 1-day) was **RMB 316 million**[146](index=146&type=chunk) - Credit risk: Established a credit risk management system for financing parties, counterparties, and issuers, implementing limit management and strengthening control through internal ratings, credit granting management, concentration management, and stress testing[147](index=147&type=chunk)[148](index=148&type=chunk) - Liquidity risk: Continuously improved the liquidity risk management system and internal management framework, with dedicated personnel responsible for dynamic monitoring, early warning, analysis, and reporting, ensuring liquidity coverage ratio and net stable funding ratio continuously meet regulatory requirements[150](index=150&type=chunk)[151](index=151&type=chunk] - Operational risk: Continuously improved the operational risk management system, forming an institutional management framework centered on the “Operational Risk Management Measures” and supported by three tool guidelines, establishing an operational risk identification and assessment mechanism[153](index=153&type=chunk) - Money laundering and terrorist financing risk: Deeply implemented the new “Anti-Money Laundering Law,” improved anti-money laundering decision-making and coordination mechanisms, strengthened identification and control of high-risk clients, and established a continuous due diligence framework[155](index=155&type=chunk) - Technology risk: Established an IT governance system with “Information Technology Governance” as the top-level design, clarifying governance objectives, organizational structure, and mechanisms, and continuously strengthening data security, system operations and maintenance, network security, and emergency management[156](index=156&type=chunk)[157](index=157&type=chunk) - Reputation risk: Strengthened public opinion monitoring, introduced AI disambiguation functions, established a six-in-one incident handling mechanism for monitoring, reporting, response, information release, evaluation, and improvement, and incorporated staff reputation into human resource management[159](index=159&type=chunk)[162](index=162&type=chunk) [Explanation of Non-Disclosure According to Standards](index=77&type=section&id=%E5%85%AD%E3%80%81%E5%9B%A0%E4%B8%8D%E9%81%A9%E7%94%A8%E6%BA%96%E5%89%87%E8%A6%8F%E5%AE%9A%E6%88%96%E5%9C%8B%E5%AE%B6%E7%A7%98%E5%AF%86%E3%80%81%E5%95%86%E6%A5%AD%E7%A7%98%E5%AF%86%E7%AD%89%E7%89%B9%E6%AE%8A%E5%8E%9F%E5%9B%A0%EF%BC%8C%E6%9C%AA%E6%8C%89%E6%BA%96%E5%89%87%E6%8A%AB%E9%9C%B2%E7%9A%84%E6%83%85%E6%B3%81%E5%92%8C%E5%8E%9F%E5%9B%A0%E8%AA%AA%E6%98%8E) The company did not disclose details of its proprietary securities investments due to commercial confidentiality, but the overall situation has been disclosed in relevant sections - Details of proprietary securities investments were not disclosed due to commercial confidentiality, but the overall situation has been disclosed in the report[163](index=163&type=chunk) [Section 4 Corporate Governance, Environment and Society](index=78&type=section&id=%E7%AC%AC%E5%9B%9B%E7%AF%80%E2%80%83%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%92%B0%E5%A2%83%E5%92%8C%E7%A4%BE%E6%9C%83) This section details the company's corporate governance structure, changes in key personnel, employee policies, training, and efforts in social responsibility and rural revitalization [Changes in Directors, Supervisors, and Senior Management](index=78&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) During the reporting period, Mr. Xie Weiqing resigned from his positions as non-executive director and member of the Board's Audit Committee due to work adjustments - Mr. Xie Weiqing resigned from his positions as non-executive director and member of the Board's Audit Committee on **July 18, 2025**[165](index=165&type=chunk) [Directors, Supervisors and Other Information](index=78&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company's directors and supervisors strictly adhered to the "Model Code" for securities transactions, with no violations found, and no service contracts with directors or supervisors that would expire or be terminable within one year - All directors and supervisors strictly complied with the “Model Code” for company securities transactions, with no violations found[166](index=166&type=chunk) - Mr. Lu Weiming no longer serves as a director of Orient Financial Holdings (Hong Kong) Limited, and now serves as Chairman of Huitianfu Fund Management Co., Ltd[167](index=167&type=chunk) - Mr. Lu Dayin no longer concurrently serves as the company's Chief Information Officer, and now serves as Chairman of Orient Financial Holdings (Hong Kong) Limited[167](index=167&type=chunk) - Changes occurred in the concurrent positions of Mr. Xie Weiqing, Mr. Ren Zhixiang, Mr. Wu Hong, Ms. Du Xinhong, Mr. Shen Guangjun, and Ms. Ding Yan[171](index=171&type=chunk) - The company has not entered into any service contracts with any director or supervisor that would expire or be terminable by the employer within one year[170](index=170&type=chunk) [Employees and Remuneration Policy](index=80&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%93%A1%E5%B7%A5%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the company had 8,082 employees, implementing a market-oriented, performance-driven remuneration system closely linked to risk management, and providing comprehensive employee benefits - As of June 30, 2025, the company had **8,082 employees** (including brokers)[172](index=172&type=chunk) - The company implements a market-oriented, performance-driven remuneration system, closely integrated with risk management[172](index=172&type=chunk) - Professional ethics, integrity, compliance and risk control effectiveness, social responsibility fulfillment, client service level, and long-term shareholder interests are incorporated into remuneration management[173](index=173&type=chunk) - The company has established various social insurances, housing provident funds, enterprise annuity schemes, and supplementary medical insurance schemes for employees[173](index=173&type=chunk) [Training Programs](index=81&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%9F%B9%E8%A8%93%E8%A8%88%E5%8A%83) The company conducts diverse training programs, focusing on political training for cadres, "Orient Spark" internal trainer development, and "Orient Forum" exchange and sharing, to enhance cadres' political literacy and performance capabilities - The company conducts diverse training programs, focusing on political training for cadres, “Orient Spark” internal trainer development, and “Orient Forum” exchange and sharing brands[174](index=174&type=chunk) [Other Corporate Governance Matters](index=81&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E5%85%B6%E4%BB%96%E6%83%85%E6%B3%81) The company strictly adheres to laws and regulations of its listing venues, continuously improving corporate governance to form a "three meetings and one layer" governance structure with clear responsibilities, effective checks and balances, and scientific decision-making - The company strictly complies with laws and regulations of its domestic and overseas listing venues, continuously improving corporate governance, forming a governance structure with clear responsibilities, effective checks and balances, and scientific decision-making[175](index=175&type=chunk) - During the reporting period, the “Articles of Association” were revised, and governance systems such as the “Market Value Management System” and “Board of Directors Supervision Work Management Measures” were formulated[176](index=176&type=chunk) - **1 general meeting**, **5 board meetings**, and **2 supervisory committee meetings** were held, along with multiple committee meetings, all conducted legally and effectively[176](index=176&type=chunk) - The company's Board of Directors consists of **15 directors**, including **3 executive directors, 6 non-executive directors, 5 independent non-executive directors, and 1 employee director**[178](index=178&type=chunk) - The Board has established a Strategy and Development Committee, Audit Committee, Compliance and Risk Management Committee, and Remuneration and Nomination Committee, all operating effectively[178](index=178&type=chunk) - The company's Supervisory Committee consists of **7 supervisors**, including **3 employee representative supervisors** and **4 shareholder representative supervisors**, overseeing the company's financial affairs, and the performance of the Board and senior management[179](index=179&type=chunk) - Senior management operates legally and compliantly in accordance with laws, regulations, and Board authorization[180](index=180&type=chunk) - The company highly values investor relations management, adhering to the philosophy of “sincerity, professionalism, and compliance,” and has established multi-dimensional communication channels[181](index=181&type=chunk) - In H1 2025, the company held **2 earnings briefings**, **2 analyst conferences**, participated in **19 broker strategy conferences**, and hosted **11 on-site and online research activities**, covering **279 domestic and international analysts and institutional investors**[182](index=182&type=chunk) - Awarded “Best Practice in Investor Relations Management for Listed Companies” by the China Association for Public Companies[182](index=182&type=chunk) - The company diligently performs information disclosure, strictly adhering to laws and regulations of its domestic and overseas listing venues to disclose company information truthfully, accurately, completely, timely, and fairly[186](index=186&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=88&type=section&id=%E5%9B%9B%E3%80%81%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%88%96%E8%B3%87%E6%9C%AC%E5%85%AC%E7%A9%8D%E9%87%91%E8%BD%89%E5%A2%9E%E9%A0%90%E6%A1%88) The company's board has approved the 2025 interim profit distribution plan, proposing a cash dividend of RMB 1.20 (tax inclusive) per 10 shares to A-share and H-share holders, totaling approximately RMB 1.012 billion, representing 29.23% of the net profit attributable to parent company shareholders for H1 2025 Interim Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Distribution or Conversion | Yes | | Dividend per 10 shares (RMB) (tax inclusive) | 1.20 | | Total proposed cash dividend | RMB 1,012,211,857.32 | | % of H1 2025 net profit attributable to parent company shareholders (consolidated) | 29.23% | - This profit distribution plan does not require shareholder approval, and the company will distribute it within two months from the date of the Board meeting[189](index=189&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=89&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%AC%8A%E6%BF%80%E5%8B%B5%E8%A8%88%E5%8A%83%E3%80%81%E5%93%A1%E5%B7%A5%E6%8C%81%E8%82%A1%E8%A8%88%E5%8A%83%E6%88%96%E5%85%B6%E4%BB%96%E5%93%A1%E5%B7%A5%E6%BF%80%E5%8B%B5%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E6%B3%81%E5%8F%8A%E5%85%B6%E5%BD%B1%E9%9F%BF) The company implemented an H-share employee stock ownership plan in 2020, which expired and terminated on July 12, 2025, with no other incentive measures existing during the reporting period - The company implemented an H-share employee stock ownership plan in **2020**, with **3,588 participants** and a total raised capital of **RMB 316.657 million**[190](index=190&type=chunk)[192](index=192&type=chunk) - The plan expired and terminated on **July 12, 2025**, and no longer holds the company's H-shares[193](index=193&type=chunk) - During the reporting period, the company had no other incentive measures[198](index=198&type=chunk) [Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=91&type=section&id=%E5%85%AD%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B2%A7%E6%94%BB%E5%A0%85%E6%88%90%E6%9E%9C%E3%80%81%E9%84%89%E6%9D%91%E6%8C%AF%E8%88%88%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E9%AB%94%E6%83%85%E6%B3%81) During the reporting period, the company actively responded to national calls, continuously focusing on industrial assistance, public welfare assistance, and consumption assistance, deeply advancing the consolidation of poverty alleviation achievements and rural revitalization efforts - The company and its subsidiaries signed pairing assistance agreements with **50 regions**, continuously contributing to rural revitalization[199](index=199&type=chunk) - During the reporting period, a total of approximately **RMB 2.3459 million** was invested in **21 projects**, including industrial assistance, financial assistance, public welfare assistance, consumption assistance, intellectual assistance, and cultural assistance[199](index=199&type=chunk) [Section 5 Significant Matters](index=92&type=section&id=%E7%AC%AC%E4%BA%94%E7%AF%80%E2%80%83%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) This section details the company's fulfillment of commitments, major litigation, regulatory actions, related-party transactions, significant contracts, and other important post-reporting period events [Fulfillment of Commitments](index=92&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AB%BE%E4%BA%8B%E9%A0%85%E5%B1%A5%E8%A1%8C%E6%83%85%E6%B3%81) The company's actual controller, Shenergy Group, strictly fulfilled its commitments to avoid horizontal competition and regulate related-party transactions during the reporting period, ensuring the company's operational independence and fairness - Shenergy Group has issued a “Commitment Letter to Avoid Horizontal Competition” to the company, pledging not to engage in any business that competes with the company or its subsidiaries[200](index=200&type=chunk) - Shenergy Group committed to minimizing and regulating related-party

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 於本公告日期，董事會成員包括執行董事龔德雄先生、魯偉銘先生和盧大印先生； 非執行董事楊波先生、石磊先生、李芸女士、徐永淼先生、任志祥先生及孫維東先 生；以及獨立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢先生和朱凱先 生。 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B條規則作出。 茲 載 列 公 司 在 上 海 證 券 交 易 所 網 站 ...